Iran receives two new oil payments

By Umid Niayesh - Trend:
The Central Bank of Iran has announced that the first two payments of frozen oil funds have been transferred to its account.

The first and second installment of payment for crude oil exports totaling $1 billion, have been transferred to the Iranian Central Bank's account in Oman and are accessible, the Public relations department of the CBI said, Iran's official IRNA news agency reported Sept. 4.

The payments which were scheduled under the Iran-P5+1's agreement on July 18 came from Japan.

Iran and the P5+1(five permanent members of the UN Security Council plus Germany) agreed to extend their nuclear negotiations for another four months until Nov. 24 after failing to meet the July 20 deadline to reach a deal on curbing the Iranian nuclear program in exchange for ending sanctions.

Under the extension agreement the world powers permitted Tehran to access over the next four months to an additional $2.8 billion in oil export revenues frozen abroad by the U.S. sanctions in four stages of $500 million and two stages of $400 million.

The Islamic Republic has already gained access to $4.2 billion of its frozen oil revenues by eight money transfers under a six-month interim nuclear deal which took effect on Jan. 20.